MIRA
INFORM REPORT
|
Report Date : |
02.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
MARKSS INFOTECH LIMITED |
|
|
|
|
Registered
Office : |
Unit 157, Oshiwara Industrial Centre, New Link Road, Goregaon (West),
Mumbai-400104, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
20.09.1995 |
|
|
|
|
Com. Reg. No.: |
11-092885 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2.900 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U30007MH1995PLC092885 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Barcode Labels and Printers |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 42000 |
|
|
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|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a satisfactory track record.
Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct and as per commitment. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Kirit Shah |
|
Designation : |
Director |
|
Contact No.: |
91-22-28797511 |
|
Date : |
01.04.2013 |
LOCATIONS
|
Registered Office : |
Unit 157, Oshiwara Industrial Centre, New Link Road, Goregaon (West),
Mumbai-400104, Maharashtra, India |
|
Tel. No.: |
91-22-28797511 / 14 |
|
Fax No.: |
91-22-28797515 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Devang Sanad Merchant |
|
Designation : |
Whole Time Director |
|
Address : |
D-401, Vivek Apartment Besent Road, Santacruz (West), Mumbai-400054,
Maharashtra, India |
|
Date of Birth/Age : |
28.03.1968 |
|
Date of Appointment : |
20.09.1995 |
|
DIN No.: |
00015263 |
|
|
|
|
Name : |
Mr. Kalpesh Rasiklal Shah |
|
Designation : |
Whole Time Director |
|
Address : |
502, 5th Floor, Ramjarukha Plot 116, Sector-II, Kandiwali
(West), Mumbai-400067, Maharashtra, India |
|
Date of Birth/Age : |
20.06.1966 |
|
Date of Appointment : |
20.09.1995 |
|
DIN No.: |
00015804 |
|
|
|
|
Name : |
Mr. Kirit Jashwantilal Shah |
|
Designation : |
Whole Time Director |
|
Address : |
A-204, Mota Nagar, Sir M V Road, Andheri (East), Mumbai-400099,
Maharashtra, India |
|
Date of Birth/Age : |
14.01.1965 |
|
Date of Appointment : |
20.09.1995 |
|
DIN No.: |
00092920 |
|
|
|
|
Name : |
Mr. Jagdish Ramchand Tahilramani |
|
Designation : |
Director |
|
Address : |
19, Hill Road, Santosh Nagar, Bandra (West), Mumbai-400050,
Maharashtra, India |
|
Date of Birth/Age : |
25.05.1962 |
|
Date of Appointment : |
19.09.2007 |
|
DIN No.: |
01744667 |
|
|
|
|
Name : |
Mr. Sandeep Mohan Das |
|
Designation : |
Director |
|
Address : |
3/94, Vishal Khand, Gomti Nagar, Lucknow-10, Uttar Pradesh, India |
|
Date of Birth/Age : |
08.08.1974 |
|
Date of Appointment : |
19.09.2007 |
|
DIN No.: |
01789556 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Kirit Jashwantilal Shah |
67500 |
|
Kalpesh Rasiklal Shah |
67500 |
|
Sunil R Shah |
100 |
|
Gopi K Shah |
29050 |
|
Pranav S Merchant |
100 |
|
Devang S Merchant |
67500 |
|
Sweta D Merchant |
29050 |
|
Jagjit J Shah |
150 |
|
Jignasha K Shah |
29050 |
|
TOTAL
|
290000 |
AS ON 29.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Barcode Labels and Printers |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information denied by the management |
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Bankers : |
·
HDFC Bank Limited, HDFC bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
||||||||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Souza Rasam and Company Chartered Accountant |
|
Address : |
2001/2nd Floor, Bhandup Industrial Estate Co-operative
Society Limited, Pannalal Compound, L B S Marg, Bhandup, Mumbai-400078,
Maharashtra, India |
|
PAN No.: |
ABCFS3287N |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
290000 |
Equity Shares |
Rs.10/- each |
Rs. 2.900
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.900 |
2.900 |
2.900 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
7.663 |
3.856 |
3.566 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10.563 |
6.756 |
6.466 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.702 |
1.125 |
1.547 |
|
|
2] Unsecured Loans |
13.712 |
9.742 |
4.344 |
|
|
TOTAL BORROWING |
14.414 |
10.867 |
5.891 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
24.977 |
17.623 |
12.357 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.695 |
4.695 |
5.432 |
|
|
Capital work-in-progress |
0.300 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.130 |
0.763 |
0.084 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
16.684
|
10.300 |
8.429 |
|
|
Sundry Debtors |
32.131
|
14.692 |
7.494 |
|
|
Cash & Bank Balances |
2.437
|
1.443 |
1.362 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.480
|
0.277 |
0.605 |
|
Total
Current Assets |
51.732
|
26.712 |
17.890 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
29.501
|
10.835 |
9.693 |
|
|
Other Current Liabilities |
2.379
|
3.593 |
0.000 |
|
|
Provisions |
0.000
|
0.119 |
1.357 |
|
Total
Current Liabilities |
31.880
|
14.547 |
11.050 |
|
|
Net Current Assets |
19.852
|
12.165 |
6.840 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.001 |
|
|
|
|
|
|
|
|
TOTAL |
24.977 |
17.623 |
12.357 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
158.191 |
89.506 |
53.516 |
|
|
|
Other Income |
0.063 |
0.037 |
0.135 |
|
|
|
TOTAL (A) |
158.254 |
89.543 |
53.651 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
124.846 |
66.775 |
|
|
|
|
Consumables and Stores |
3.685 |
2.666 |
|
|
|
|
Employee Benefits Expenses |
9.066 |
8.700 |
|
|
|
|
Directors Remuneration |
2.880 |
2.700 |
|
|
|
|
Other Expenses |
8.779 |
5.190 |
|
|
|
|
Exchange Loss / Gain |
1.317 |
(0.131) |
|
|
|
|
TOTAL (B) |
150.573 |
85.900 |
51.032 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7.681 |
3.643 |
2.619 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.140 |
1.512 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.541 |
2.131 |
2.619 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.106 |
1.131 |
1.095 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
4.435 |
1.000 |
1.524 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.683 |
0.372 |
0.519 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
2.752 |
0.628 |
1.005 |
|
|
|
|
|
|
|
|
|
Add |
Excess Gratuity Provision |
1.394 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.856 |
3.566 |
2.795 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
0.290 |
0.290 |
0.200 |
|
|
|
Tax on Dividend |
0.048 |
0.048 |
0.034 |
|
|
BALANCE CARRIED TO
THE B/S |
7.664 |
3.856 |
3.566 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
48.790 |
23.738 |
22.072 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.00 |
2.81 |
5.03 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.74
|
0.70 |
1.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.80
|
1.12 |
2.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.84
|
3.11 |
6.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.15 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.36
|
1.61 |
0.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62
|
1.84 |
1.62 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
|
UNSECURED LOAN |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Long Term
Borrowings |
|
|
|
Term Loans |
|
|
|
From Banks |
12.151 |
7.267 |
|
From a Financial Institution |
1.561 |
2.475 |
|
|
|
|
|
TOTAL |
13.712 |
9.742 |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
|
|
|
|
Creditors |
29.099 |
10.121 |
9.324 |
|
Other Liabilities |
0.402 |
0.714 |
0.369 |
|
TOTAL |
29.501 |
10.835 |
9.693 |
FIXED ASSETS
·
Office Premises
·
Plant and Equipment
·
Computer
·
Furniture and Fixtures
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 54.38 |
|
|
1 |
Rs. 82.32 |
|
Euro |
1 |
Rs. 69.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.